Dr Hafeez Shaikh, advisor to Prime Minister on Finance has made good news. He said owing to practical policies of the state the current account deficit has declined by 63.1% in the first quarter of the current fiscal year. Whereas, the volume of exportation has grown by 3.8percent.
He was priming media anchors regarding the financial achievement of the government in the first quarter of the ongoing fiscal year 2019-20.
Dr. Hafeez Shaikh said that the government is adopting patterns to encourage the economic institutions of Pakistan. The government is doing that to gain positive economic results.
Moreover, Dr. Hafeez Shaikh said the state intends to reduce circular debt by December 2020.
The advisor asserted that the government is making a plan to create the above target non-tax income in the continuing fiscal year. Besides, he declared that 1.9 million people were below the tax net in the year 2018. However now 2.7 million people come below the tax net in 2019.
Advisor to the Prime Minister on Finance Mr. Abdul Hafeez Shaikh briefing the leading electronic media anchorpersons about the economic performance of the government in the first quarter of the current fiscal year 2019-20 in Islamabad. pic.twitter.com/n8NxLGP9Sm
— Govt of Pakistan (@pid_gov) November 18, 2019
He said the state will use all its means to improve the income and reduce the expenses in the remaining fractions of the ongoing fiscal year.
Moreover, he said the trade deficit has depreciated by 33.5% in the first three months of the prevailing fiscal year.
He stated the IMF team that toured Pakistan has acknowledged the economic advance of the country. Furthermore, the IMF team exhibited a pleasing report on its financial performance.
Earlier, talking to media Dr. Hafeez said the government is reaping what the previous governments have sown. The mismanagement and non-seriousness of yester governments brought Pakistan to this point.
While narrating the saga of the economy in Pakistan, he said that no growth outbreak has supported in Pakistan for more than 4 years in the complete course of economic development.
He said that is why the government is taking har measures.
The saga of Economic crises in Pakistan
Pakistan soon after its inception went through several political and economic turmoils. The rampant changing in government brought Pakistan on the brink of collapse.
Moreover, Pakistan has not seen a smooth democratic era. In 72 years military directly ruled the country for 35 long years. Owing to such transitions, Pakistan is going through a vicious cycle of financial crises.
Furthermore, the corruption of past governments and non-pragmatic policies have soared the economic turmoil.
However, after months of miserable economic crises finally, the current account deficit has declined. This signifies a major improvement in the economic sector of the country.